Edison

NET FINANCIAL DEBTS

At December 31, 2009, net financial debt totaled 3,858 million euros, or 938 million euros more than the 2,920 million euros owed at December 31, 2008.

The change that occurred during the period reflects the impact of a positive operating cash flow, which offset in part the outlays for:
• investments in intangibles assets and property, plant and equipment (1,881 million euros, including 1,011 million euros for the Abu Qir), investments in financial assets (136 million euros, including  55 million euros for ElpEdison Power, 54 million euros for Terminale GNL Adriatico 25 million euros for AMG Gas Srl,)
• net financial expense (156 million euros),
• dividend payments (278 million euros), income taxes (401million euros) and the increase caused by a change in the scope of consolidation (about 54 million euros).

Consistent with the practice followed at the end of 2008, the table below provides a simplified breakdown of the Group’s net financial debt:

(millions of euro)

	12.31.2009	12.31.2008	Change
Long term financial debt
Bonds - non current portion	1,199	1,198	1
Non-current bank loans	2,138	1,086	1,052
Amounts due to other lenders-non current portion	46	15	31
Other non current financial assets (*)	(79)	(73)	(6)
Total long term financial debt	3,304	2,226	1,078
Short term financial debt
Bonds - current portion	721	9	712
Current loans payable	611	899	(288)
Current financial assets	(30)	(26)	(4)
Loans payable of divested operations	(748)	(188)	(560)
Loans payable from divesting operations	-	-
Loans receivables of divested operations	-	-
Total short term financial debt	554	694	(140)
Net financial debt	3,858	2,920	938

(*) Includes the long-term portion of financial receivables, as required by the adoption of IFRIC 4.